CFO Chief Financial Officer Job Description

CFO-CHIEF FINANCIAL OFFICER SUMMARY OF FUNCTIONS

The CFO, or Chief Financial Officer, is ultimately responsible for the accuracy, completeness, and timeliness of the organization’s financial reporting. The CFO helps establish and direct the organization’s financial goals and objectives, its budget, and the Financial Plan. The CFO has primary responsibility for ensuring that internal controls are in place, enforced, and reviewed periodically for conformance to accounting and financial standards and applicable regulations.

CFO-CHIEF FINANCIAL OFFICER ESSENTIAL DUTIES AND RESPONSIBILITIES

• Advises Top Management in the stock offering process, and executes the stock offering process.
• Analyzes financial statements, and prepares reports and recommendations to Top Management and the Board of Directors concerning financial performance.
• Annually creates a capital plan that aligns with overall business plans and strategies, and reviews the capital plan with Top Management and the Board of Directors.
• Annually reviews and updates related party transaction policies and procedures with Top Management and the Board of Directors; and reviews, approves, and discloses related party transactions, and annually distributes the Related Party Transaction Conflict of Interest Questionnaire.
• Approves all wire transfers over $10,000.
• Arranges and chairs financial management meetings, and prepares financial reports and presentations for scheduled financial management meetings.
• Assesses risks and exposure due to business conducted in foreign currency, prepares a report and recommendations for dealing with foreign currencies, and follows and executes the established foreign exchange management policy.
• Completes and gains the approval of FA1000-1 FINANCIAL OBJECTIVES, and oversees the financial health and financial performance of the Company, as well as a fiduciary responsibility to shareholders.
• Creates and reviews all period-end activities to ensure the period-end financial statements accurately reflect the results of the Company’s activities, and is familiar with the specific software procedures for keeping the prior year open until all final closing adjustments have been made and approved.
• Directs the Finance Department in developing borrowing and financial plans to meet the needs of the Company’s operations.
• Ensures development and implementation of a continuity plan for Finance and ensures that the continuity plan is in force; this includes ensuring that the plan is tested and verified periodically. In addition, the CFO reports to the CEO and the Board of Directors (or Advisory Board) on continuity plan test results and recommends improvements to the plan.  (If the Company is large enough, the CFO may assign responsibilities to a continuity manager.)
• Ensures that corrective actions are taken in a timely manner and that the company is in compliance with the Sarbanes-Oxley Act of 2002, and approves and signs all financial statements, financial reports, and tax returns.
• Ensures that processes needed for the financial management system are established, implemented, and maintained, and reports to the CEO and Board of Directors (or Advisory Board) on the performance of the financial management system and reports any need for its improvement.
• Examines and certifies the annual summary of work-related injuries and illness report.
• Executes the valuation process, recording valuation plans, results, improvement plans, and provides all needed information for the valuation process.
• Is the main point of contact between the Company and the External Auditor and coordinates Company audit activities and responses.
• Manages banking relationships, the check signing authority process, and alerts all individuals and banks of any changes to authority.
• Oversees cash management processes to ensure proper cash availability and best practices in cash management, and completes the TM1010-1 CASH MANAGEMENT PLAN
• Oversees investigations into reporting errors, prepares and submits all financial restatements as required by law and by company policy, and prepares press releases about restatements.
• Oversees that regular shareholder meetings are conducted according the articles of incorporation, surplus funds investing and debt pay down, and the training and development plan to ensure that it supports the Company’s objectives.
• Oversees the asset acquisition process and reviews the ROI Worksheet with the Capital Budget Committee.
• Oversees the Company’s financial investment in inventories and assists in developing and reviewing the TM1020-1 INVENTORY MANAGEMENT PLAN.
• Oversees the selection of merchant accounts and conducts periodic reviews of merchant accounts.
• Oversees working capital and completes the TM1000-1 WORKING CAPITAL PLAN.
• Prepares and submits all financial statements as required by law and by company policy.
• Prepares forecasted financial statements, and prepares reports and recommendations to Top Management and the Board of Directors concerning forecasted financial statements.
• Reviews Accounts Payable material and adds his/her signature.
• Reviews and approves requests for financial statements and any other proprietary, confidential, and/or sensitive financial information, the Risk Management Plan, and all reconciliations.
• Reviews lease/buy considerations for capital equipment.
• Safeguards all company information and determines the appropriate level of detail for release.
• Sets and oversees the process of providing and/or receiving a Letter of Credit, and is responsible for all related bank communication and transactions.
• Signs all reported financial statements.
• Verifies that providers of financial services comply with SSAE 16.
• Writes off any accounts Receivable Account deemed not collectible.

ORGANIZATIONAL RELATIONSHIPS

Reports directly to the Chief Executive Officer and the organization’s Board of Directors.

PROCEDURES

The CFO-Chief Financial Officer Job Description is mentioned in the following procedures:

CFO-CHIEF FINANCIAL OFFICER QUALIFICATIONS

Must have 10+ years of experience as a financial executive and leader with industry experience. Must be a visionary and creative person with sound judgment and technical skills, analytical ability, and ability to focus and prioritize multiple – and sometimes competing – projects. High moral and ethical standards are required.

Must be well organized and efficient, decisive, intelligent, and able to articulate well; must possess outstanding communication skills and the ability to work well with people. Should be an outstanding educator, counselor, and mentor and a skilled negotiator.

A bachelor’s degree in accounting, finance, business administration, economics, or other suitable field of study is required; a master’s degree in finance, accounting, or business administration is preferred. Must be a Certified Public Accountant (Chartered Accountant).

CFO-CHIEF FINANCIAL OFFICER PHYSICAL DEMANDS

Ability to communicate orally with customers, vendors, management, and other co-workers is crucial. Regular use of the telephone and e-mail for communication is essential.  Sitting for extended periods is common. Hearing and vision within normal ranges is essential for normal conversations, to receive ordinary information and to prepare or inspect documents.

Activities require the ability to remain in a stationary position 50% of the time, occasionally move about inside the office to access files or office equipment, operate a computer and other office productivity machinery, such as a calculator, hand held devices, copy machine, and computer printer, and operate and monitor various medical equipment.  Must be able to constantly position self to maintain equipment, including under tables and desks.

No heavy lifting is expected.  Exertion of up to 10 lbs. of force occasionally may be required. Good manual dexterity for the use of common office equipment such as computer terminals, calculator, copiers, and FAX machines.

WORK ENVIRONMENT

The job is performed indoors in a traditional office setting. Activities include extended periods of sitting and extensive work at a computer and phone.